Escheat Audits
California Passes New Retained Asset Accounts Legislation
Over the past few months, Keane has blogged about some of the issues that have recently come to light in the life insurance industry – and how many life insurance companies have found themselves under scrutiny from a beneficiary communication and unclaimed property perspective. As a result, the life insurance industry is starting to see … [ read more ... ]
Escheatment Audit: Kelmar Associates, LLC Increasing Focus on Equity & Debt-Related Property in Enforcement Audits
Kelmar Associates, LLC has recently (first few months of 2011) been demanding significantly more information from holders with an emphasis on potential equity and debt related properties during its escheatment audits. Previously, Kelmar’s Initial Document Requests (IDRs) commonly asked some limited scope questions about the Holder’s contractual relationship, experience or history with their transfer agent. … [ read more ... ]
Why are Organizations Willing to Risk Escheat Audits?
At this point, you probably know that many organizations are carrying unclaimed property and are in danger of escheat audits. But why do companies seem to be so willing to risk non-compliance? While many companies are aware of unclaimed property compliance requirements, some will just wait until they get hit with an escheat audit to … [ read more ... ]
